Suppose the marginal tax brackets are as follows:

Income between $0 and $10,000 is taxed at 0%,

Income between $10,000 and $55,000 is taxed at 5%,

Income between $55,000 and $70,000 is taxed at 8%,

Income over $70,000 is taxed at 12%.

If your income is $80,000, how much do you owe in taxes, and what percent of your income do you pay in taxes?